For example, Russia and Brazil, which make up the so-called BRIC nations alongside China and India, do not make it on to Citi’s list of Global Growth Generators – or “3G” countries. Instead, Citi includes countries such as Bangladesh, Egypt, Indonesia, Iraq, Mongolia, Nigeria, Philippines, Sri Lanka and Vietnam on this list.
“All of these countries are poor today and have decades of catch-up growth to look forward to. Some of them, including Nigeria, Mongolia, Iraq and Indonesia, also have large natural resources that we hope will be more beneficial than they so often have been in the past,” Mr Buiter says.
Mexico, Turkey, Thailand and Iran are also mentioned as countries to watch, as is Brazil, although Citi says major fi scal or political adjustments would have to take place before they would be eligible to join the 3G list.
While these countries can expect rapid economic growth, much of the wealth already held in developed economies will be maintained, according to Citi.
Measuring a country’s affl uence in terms of GDP per capita shows that Singapore currently tops the chart, with Norway and the US in second and third place respectively.